Capital Gain on sale of immovable property
This query is : Resolved
11 July 2023
Dear Sirs,
I have query regarding sale of my ancestral house. My father brought house (RCC constructed) in 1989 and I sold it as a plot in year 2022 after demolishing the house. Size of plot was 1500 sq ft. Sale value was calculated as per local guideline value (government rate/SFT) of plot because buyer has purchased plot.
FMV as per registrar guideline in April 2001 for plot was Rs. 450/SFT and RCC house was Rs. 750/sft.
How capital gain with indexation will be calculated i.e. considering plot guideline of 2001 or house guideline. Do I need to consider house value somewhere in this calculation.
Also do i need any certificate from govt. authorized surveyor for FMV of 2001, I got the value mentioned above through PDF file online that was published to help tax practitioners in 2001 time
Please help
Thanks in advance
I have query regarding sale of my ancestral house. My father brought house (RCC constructed) in 1989 and I sold it as a plot in year 2022 after demolishing the house. Size of plot was 1500 sq ft. Sale value was calculated as per local guideline value (government rate/SFT) of plot because buyer has purchased plot.
FMV as per registrar guideline in April 2001 for plot was Rs. 450/SFT and RCC house was Rs. 750/sft.
How capital gain with indexation will be calculated i.e. considering plot guideline of 2001 or house guideline. Do I need to consider house value somewhere in this calculation.
Also do i need any certificate from govt. authorized surveyor for FMV of 2001, I got the value mentioned above through PDF file online that was published to help tax practitioners in 2001 time
Please help
Thanks in advance
12 July 2023
1. Consider the cost of the house as on 1989, or FMV of plot as of 2001, whichever is higher.
2. Get the circle rate of plot as of 2001, from sub-registrar office or published online.
2. Get the circle rate of plot as of 2001, from sub-registrar office or published online.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Section 50-fixed asset-->building ceases to exist
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Consolidated financials
- Tds on commission charges
- TDS on TRUST
- Regarding Applicability of Tax Audit u/s 44AB
- Withdrawal in cash from partners capital account by partner
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
